WESTERN CPE BLOG
Providing the latest tax news, information, and updates for tax and finance professionals
New Question on Digital Assets
In case you haven’t noticed. . . the IRS has added a new question about income from digital assets to partnerships, corporations, S corporations, and estates and trusts for 2023 tax returns. Ask your entity client about digital currency transactions.
2023 Form 1065
For example, the 2023 Form 1065, Schedule B, question 30 asks: “At any time during this tax year, did the partnership (a) receive (as a reward, award, or payment for property or services); or (b) sell, exchange, or otherwise dispose of a digital asset (or financial interest in a digital asset)? See instructions.”
Digital assets include (but are not limited to):
- Cryptocurrency and convertible virtual currency;
- Stablecoins; and
- Non-fungible tokens (NFTs).
IRS Free Webinar
The IRS announced that it will hold a free webinar on February 22 at 2pm EST for tax pros whose clients receive income through digital asset transactions.
During this free webinar, the IRS will cover:
- Identifying taxable events involving digital assets;
- Calculating income, gains and losses associated with digital asset transactions;
- Reporting income, gains and losses associated with taxable digital asset transactions for individuals filing Form 1040 and 1040-SR tax returns; and
- A live question and answer session.
STAY TUNED
Stay updated with more breaking tax-related developments by subscribing to Tax Bytes with Jessica Jeane, J.D.
-
Self-StudyFixed Asset Accounting
$351.00 – $391.00 Select options This product has multiple variants. The options may be chosen on the product page -
-
Self-StudyEthics for Accountants
$116.00 – $136.00 Select options This product has multiple variants. The options may be chosen on the product page -
EthicsEthics for Maryland
$116.00 – $136.00 Select options This product has multiple variants. The options may be chosen on the product page -
Self-StudyPassive Losses
$290.00 – $320.00 Select options This product has multiple variants. The options may be chosen on the product page -
Self-StudyMaking The Best of Bad Situations
$364.00 – $404.00 Select options This product has multiple variants. The options may be chosen on the product page -
-
